Coin Collecting Cost

How Much Does Coin Collecting Cost?

Basic Tools: $20-$40

Whether a coin was minted by your own country, a far-away nation or ancient Rome, it's a tangible piece of history and a connection to a larger world. Collectors say coins blend beauty and craftsmanship with a sense of significance, and that each coin has its own story.

Typical costs:

It's possible to start collecting coins simply by searching through your pockets or coin purse and keeping the most interesting ones in a small box; Coin-Newbies.com explains how to start collecting coins for little or no money.
Expect to pay about $20 -$40 for the US Mint's recommended basic tools for coin collecting -- this includes a high-quality magnifying glass, a good general reference coin book,soft cotton gloves and basic envelopes, holders or albums for storing your coins, and more. The US Mint also provides a free online glossary of basic coin collecting terms and a diagram of the various parts of a coin.
It's possible to spend $10 -$10,000 to $100,000 or more on a single coin. Since condition is crucial in setting the value of a particular coin, many collectors like to buy coins in person (rather than online or by mail) so they can see what they're getting. Often dealers sell their wares at coin shows sponsored by nonprofit clubs or commercial promoters; there's usually a nominal attendance fee ($1 -$5). The Pacific Northwest Numismatic Association provides tips for attending coin shows.
While coin investors might spend hundreds of thousands of dollars on coins, a typical hobbyist coin collector might spend $100 -$300 a month on this hobby.

What should be included:

Coins can be collected around any number of themes -- by country, year, mintmark, subject of the coin's image, composition (i.e. gold or bimetalic), a certain time period or whatever factor interests you. And any type of "coin" can be collected, from what's typically thought of as money to subway tokens, sports medals and more. Most coin enthusiasts and experts recommend collecting for the fun of it. The BBC gives a good overview of the hobby, and Coin-Newbies.com answers standard coin-collecting questions and lists available resources.
Storage is important. The US Mint displays basic ways to store and display your coins.

Additional costs:

Although some people say they collect coins as an investment, not all coins retain their value over time, and a coin collection does not provide income unless it's sold. Those who pay too much for coins they are told are "collectible" may lose money in the long term.

Shopping for coin collecting:

The American Numismatics Association lets you search for local clubs and local coin dealers; it also has an online marketplace (known as a "bourse"). The Professional Numismatists Guild also posts a coin dealer directory.
Details about upcoming coin shows are posted at CoinWorld.com and CoinShows.com